First new multifamily development since last real estate cycle

Trammell Crow Residential, a national multifamily real estate developer, is returning to the South Florida market with a new development after shying away from the market for many years.

According to the company, the new development is the company’s first in the area since the housing crisis - a span of more than 10 years.

The company is partnering with AvalonBay Communities to develop an eight-story, 350-unit community in Doral, an upscale suburb of Miami.

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The mixed-use property will include one, two, and three-bedroom homes along with 80,000 square feet of retail.

There is a 139,000-square-foot office building on the site now, which will be demolished beginning later this month. Once demolition is completed, the construction on the new property will begin.

The developers say the property is expected to be ready in 2020.

“We are tremendously excited to commence our first ground-up development deal in SE Florida and are very pleased to be partnering with TCR,” Ron Ladell, senior vice president of AvalonBay Communities, said. “The tri-county area of Miami-Dade, Broward and Palm Beach counties offer us a plethora of development opportunities and Doral is an ideal location.”

According to TCR Managing Director Jim Berardinelli, this development could end up being the first of several new projects coming in the South Florida area.

“South Florida is a key market for TCR as part of our national development strategy. Miami in particular is the only true gateway city in our Southeastern footprint,” Berardinelli said. “We are excited to be working in South Florida with such great partners. We look forward to additional investments in the years to come.”

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Ben Lane is the Editor for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy and helps guide HousingWire's overall direction. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas.

Commentary

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